Alibaba executive chairman creates $10M African youth entrepreneur fund
Alibaba Group Executive Chairman Jack Ma is putting his money into Africa’s youth. On his first trip to Africa last week, Ma launched a $10 million African Young Entrepreneurs Fund at the YouthConnekt Africa Summit, co-hosted by the United Nations Conference on Trade and Development and the government of Rwanda. The fund is expected to be operational this year.
The chairman of China’s biggest e-commerce company traveled to Rwanda and Kenya, where he met with entrepreneurs and government officials. Both countries have proven to be fertile ground for tech innovations. Kenya is one of the leading countries on the continent for tech hubs, according to the GSM Association, and is home to tech innovations such as M-Pesa, the mobile money transfer service. Rwanda is also pushing forward on tech initiatives, including the world’s first national drone delivery program, which delivers blood to transfusion centers across the country.